Search

DUBLIN, Aug. 5, 2013 /CNW/ - Global wind and solar developer, Mainstream
Renewable Power and Japanese Trading Company Marubeni Corporation today
agreed a €100 million equity investment deal which sees Marubeni
gaining a circa 25% holding in Mainstream. The deal, which is subject
to shareholder approval, represents the largest single equity
investment in the company's five and a half year history. As part of
the agreement Marubeni obtains the right to representation on the
Mainstream Board of Directors alongside Barclays which invested in the
company in 2008.

The deal signifies a long-term strategic alliance for both companies
which will see them working closely together to accelerate Mainstream's
key projects across multiple jurisdictions. Marubeni Corporation
already has business interests in the renewables sector globally,
including the offshore wind industry in Europe and the electricity
supply business in the UK.

Since it was established in 2008, Mainstream has a built a global
pipeline of more than 19,000 megawatts of wind and solar projects
across four continents with plant currently in construction and
operation in Ireland, South Africa, Chile and Canada. The company has
recently made a number of strategic announcements; including the
receipt of onshore planning consent for its 450MW offshore wind farm in
Scotland and the signing of a $1.4bn deal with Actis to develop a wind
and solar platform in Chile. Earlier this year Mainstream received a
grid connection from National Grid for its Energy Bridge which will see
Mainstream build and export 5,000MW of wind energy from Ireland to the
UK starting in 2018.

Commenting on the deal, Mainstream Renewable Power's Chief Executive,
Eddie O'Connor said: "I am delighted to be working with a company like
Marubeni where their strategic mission and values are so closely
aligned to Mainstream's. This investment is a game-changer for
Mainstream allowing us to focus on accelerating our project portfolios
across a range of markets as well as entering into new strategic
jurisdictions which present strong value opportunities for our
business. Having grown our company in the midst of the global financial
crises, this type of long-term strategic investment is true testament
to the strength and experience of our team as well as the quality and
spread of our global project portfolio."

Hiroshi Tachigami, President of Marubeni Europower based in London,
commented: "Marubeni is delighted to seize the opportunity with the
right company at the right time in the global renewable energy
businesses. This is a strong partnership as Mainstream and Marubeni see
our futures overlap in many areas. We are excited to work together
complimenting each other in where we need including entry into new
market territories, delivery of pre-consenting projects, structuring
capital solutions, all of which are vital in accelerating the growth of
Mainstream and Marubeni Power."